Despite being at the center of a massive fraud investigation, cryptocurrency trading platform Crypto Bridge Exchange (CBEX) has quietly restarted operations, even as questions about its legitimacy continue to swirl.
As reported by Naturenex, traders confirmed to The PUNCH that CBEX is now back online, permitting new users to sign up, trade, and withdraw funds. However, earlier investors, many of whom saw their accounts wiped clean in April, remain locked out of their funds while an external audit by a UK-based insurance company continues.
The controversial relaunch comes just weeks after the Securities and Exchange Commission (SEC) declared CBEX an illegal operation and the Economic and Financial Crimes Commission (EFCC) confirmed it was actively probing the firm over allegations of a ₦1.2 trillion digital investment scam affecting over 600,000 Nigerians.
CBEX, which gained popularity with promises of 100% returns in just 30 days through AI-powered crypto trading, abruptly collapsed on April 14, 2025. Despite its registration with Nigeria’s Corporate Affairs Commission in September 2024 and a listing with the EFCC’s Special Control Unit Against Money Laundering by January 2025, regulators have been consistent in warning Nigerians against such high-risk schemes.
An insider revealed that the ongoing audit aims to determine the actual losses, with June 25, 2025, scheduled for partial withdrawals of trapped capital. “For those who invested $1,000, they would be able to withdraw $400 from June 25, and the remaining $400 from August 25,” a trader explained to The PUNCH. “But this is only after injecting $100 or $200 depending on your capital, as part of an insurance verification process.”
Amid these developments, the EFCC on Wednesday declared a foreign national, Elie Bitar, wanted over his alleged involvement in the CBEX scam. Bitar was reportedly tied to fraudulent cryptocurrency dealings through the platform, with his last known residence at Eng. George Enemoh Crescent, Lekki Phase 1, Lagos. The EFCC is appealing to the public for any helpful information about his whereabouts.
While previous users anxiously await the outcome of the audit, CBEX insiders confirmed that new traders are free to register, fund their accounts, and withdraw profits without restrictions. “Only old accounts are under audit. New users can trade and get referral bonuses,” a source disclosed.
CBEX officials, communicating via Telegram, have attributed the April 14 platform collapse to a sophisticated cyberattack that triggered an AI malfunction. “This wasn’t an individual attack. It was coordinated and premeditated,” said an admin named Laura.
She added that the UK government is working alongside Nigerian authorities, with compensation processes already underway for verified victims.
Despite criticism from financial authorities, CBEX has introduced a new system that some observers claim mirrors a Ponzi-style setup — requiring old investors to inject fresh capital before regaining access to their previous funds.
While promoters argue the platform’s funds are fully insured and claim only ₦126 billion was actually lost — a figure currently under review by UK auditors — the controversy shows no sign of fading.
Efforts to get official comments from EFCC spokesperson Dele Oyewale were unsuccessful at the time of filing this report. Nonetheless, the agency reaffirmed its commitment to bringing those behind the alleged fraud to justice and warned Nigerians to steer clear of any investment promising unrealistically high returns.
